香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Tianqi Lithium Corporation 天齊鋰業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：9696） 公司重要參股公司簽署重大合同之進展情況 茲提述天齊鋰業股份有限公司（「本公司」或「公司」）日期為2024年6月3日、2024 年6月19日、2024年7月29日、2025年11月12日及2025年11月24日之公告（「該等 公告」），內容有關本公司重要參股公司SQM與Codelco簽署合夥協議及本公司全 資子公司提起訴訟的事宜。除非文義另有所指，本公告所用詞彙與該等公告所界 定者具有相同涵義。 對公司的影響 根據SQM的公告，交易仍受一項解除性條件約束，即有待智利最高法院就公司全 資子公司天齊智利提起的上訴作出裁決。 進展情況 智利當地時間2025年12月27日，SQM披露稱已完成其與Codelco之間的戰略合 作，合營公司SQM Salar名稱將變更為Nova ...

天齐锂业公告，智利当地时间2025年12月27日，公司参股公司SQM披露称已完成其与Codelco之间的战 略合作，合营公司SQM Salar名称将变更为Nova Andino Litio SpA。本次合并系按照双方于2024年5月31 日签署的《合伙协议》中所约定的条款执行，但目前仍受一项解除性条件约束，即有待智利最高法院就 公司全资子公司天齐智利向智利最高法院提起的上诉作出裁决。SQM公告称：根据《合伙协议》的约 定，合营公司A类股份（由Codelco持有）与B类股份（由SQM持有）所享有的优先权及经济权利已于 2025年1月1日起生效。上述权利包括依照协议所规定的方法进行股息的分配与支付。目前，SQM与合 营公司正在依据该方法确定拟分配的股息，并同时审查因本次合并产生的其他会计影响。上述事项将体 现在SQM2025年度合并财务报表以及合营公司的财务报表中。 (本文来自第一财经) ...

每经AI快讯，12月29日，天齐锂业(002466.SZ)公告称，智利当地时间2025年12月27日，SQM披露称已 完成其与智利国家铜业公司Codelco之间的战略合作，合营公司SQM Salar名称将变更为Nova Andino Litio SpA。本次合并系按照双方于2024年5月31日签署的《合伙协议》中所约定的条款执行，但目前仍 受一项解除性条件约束，即有待智利最高法院就公司全资子公司天齐智利向智利最高法院提起的上诉作 出裁决。SQM公告称：根据《合伙协议》的约定，合营公司A类股份（由Codelco持有）与B类股份（由 SQM持有）所享有的优先权及经济权利已于2025年1月1日起生效。该协议生效后预计将对公司持有 SQM长期股权应享有的投资收益及分红金额产生影响。 ...

Market Overview - On December 29, the spot settlement guidance price for battery-grade lithium carbonate (99.5%) was 123,000 CNY/ton, an increase of 2,000 CNY from the previous working day [1] - The price for battery-grade lithium hydroxide (56.5% coarse particles) remained stable at 96,000 CNY/ton [1] - The current spot market is characterized by a lack of transactions, with some entities and traders facing significant losses from previous hedging [1] Futures Market - On December 29, lithium carbonate futures opened at 134,500 CNY but experienced a significant drop in the afternoon, closing at 118,820 CNY/ton, down 10,180 CNY from the previous trading day [1] - The reduction in open interest indicates a growing trend of profit-taking among long positions [1] Price Trends - The average price level for lithium iron phosphate cells suggests that the terminal's tolerance for lithium carbonate prices is around 110,000 CNY [4] - The price changes for various lithium products from December 26 to December 29 include: - Lithium concentrate increased by 10 CNY to 1,590 CNY [2] - Battery-grade lithium carbonate and lithium hydroxide prices remained unchanged [2] Market Sentiment - Market opinions on the recent drop in lithium carbonate futures are mixed, with 70% of respondents expecting a bullish or stable market, while 30% anticipate a bearish trend, primarily from downstream companies [7] - Optimists believe that despite the afternoon price drop, overall resources remain tight, while some downstream users express concerns that high lithium carbonate prices may impact the economic viability of energy storage [7] Industry Insights - According to the production schedule for January, overall lithium battery production is expected to decline slightly, but the decrease is less significant than in previous off-seasons [10] - The supply-demand dynamics remain robust, with only lithium iron phosphate manufacturers experiencing increased maintenance [10] - The market is expected to see wide fluctuations leading up to the New Year due to the rapid increase in recent prices and slow cost transmission to downstream [10]

Core Insights - The initial article on Sociedad Química y Minera de Chile (SQM) highlighted a negative context for lithium, with prices experiencing a significant decline and the market already pricing in these downturns [1] Group 1: Company Overview - Sociedad Química y Minera de Chile (SQM) operates in the lithium market, which has faced challenges due to decreasing prices [1] Group 2: Market Dynamics - The lithium market is currently under pressure, with strong price decreases impacting overall market sentiment [1]

Core Insights - Motive Technologies has filed for an initial public offering (IPO) in the United States, indicating a significant step towards becoming a publicly traded company [1] Company Summary - The company specializes in AI-powered automated operations, suggesting a focus on leveraging artificial intelligence to enhance operational efficiency [1]

Group 1 - The Japanese interest rate hike has led to a rebound in the US market, positively impacting A-shares, particularly in the technology sector, with Nvidia rising nearly 4% and Micron increasing nearly 7% after a previous 10% rise [1] - The non-ferrous metals sector has seen significant gains, with silver reaching a new high of $64.7 per ounce, driven by supply-demand issues and expectations of two rate cuts by the Federal Reserve next year [1] - Lithium carbonate futures experienced a notable increase of over 4%, with leading companies in the sector, such as SQM and Albemarle, also seeing their stock prices rise, attributed to improved supply-demand dynamics and market sentiment [2] Group 2 - The consumer sector is showing strong performance, with a trend established and identified as a key focus for the coming year, supported by ongoing policy incentives [2] - The commercial aerospace sector remains active, with leading companies experiencing price increases and a rotation among stocks, indicating strong speculative interest in this area [2]

Giant lithium producer SQM becomes the third Chilean company to sell hybrid notes in the local market in the past four months, as companies look to finance multi-billion investments without damaging their credit score https://t.co/zKia8sNYma ...

Core Viewpoint - Tianqi Lithium Industries has filed an appeal to the Chilean Supreme Court regarding a lawsuit stemming from a partnership agreement between its investee SQM and Codelco, which may impact its investment returns and shareholder rights in SQM in the long term [1][2][3] Group 1: Legal Proceedings - Tianqi Lithium's subsidiary, Inversiones TLC SpA, has appealed to the Chilean Supreme Court against a ruling from the Santiago Court of Appeals, which is not expected to significantly impact the company's current or future profits [1] - The lawsuit originated from a partnership agreement between SQM and Codelco concerning the operation and development of the Salar de Atacama from 2025 to 2060 [1][2] - Tianqi Lithium believes that the partnership agreement requires approval from a special shareholders' meeting of SQM, leading to a series of legal actions including an administrative review and subsequent lawsuit [2] Group 2: Financial Implications - The partnership agreement allows Codelco to hold a majority stake in the joint venture, which may result in SQM losing control over its core lithium business in the Salar de Atacama starting in 2031 [3] - The agreement also proposes an extension of lithium mining rights from 2030 to 2060 and an increase in production quotas from 2025 to 2030, but the shift in control could affect Tianqi Lithium's investment returns and dividends from SQM [3] - Tianqi Lithium will continue to monitor developments related to SQM and assess financial impacts dynamically, ensuring timely information disclosure [3]

Core Viewpoint - The company is positioned as a leading integrated enterprise in the iodine contrast agent market, with a focus on expanding its international strategy and enhancing production capacity to meet growing demand [8][10][12]. Company Overview - The company, Zhejiang Sital Pharmaceutical Co., Ltd., was established in 1997 and listed in 2016, specializing in X-CT non-ionic contrast agents and related products, making it the largest manufacturer in China in terms of product variety and scale [8]. - The company has a clear shareholding structure, with the controlling shareholders being Hu Jian and Hu Jinsheng, who collectively hold 22.33% of the shares [10]. - The company has four major production bases, focusing on releasing production capacity after a phase of significant expansion [12][13]. Revenue and Profitability - The company's revenue has shown steady growth, with total revenue increasing from 1.367 billion yuan in 2020 to an estimated 2.350 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 14.51% [15]. - The iodine contrast agent business contributes approximately 80% of total revenue, with a growth from 1.214 billion yuan in 2020 to 1.870 billion yuan in 2024 [15]. - The company faced profitability pressures due to rising raw material costs, with net profit declining from 239 million yuan in 2020 to a projected loss in 2024, although a recovery is expected in 2025 [17]. Industry Insights - The global iodine contrast agent market is characterized by high barriers to entry and significant concentration, with major players including GE Healthcare and Bayer [21][32]. - The iodine contrast agent market is projected to grow, driven by increasing demand for medical imaging and advancements in healthcare infrastructure, particularly in emerging markets [23][27]. - The company is expected to capture a significant share of the global iodine contrast agent raw material market, with a projected capacity of 3,000 tons by the end of 2025, representing nearly one-third of global demand [36][38]. Production Capacity and Quality - The company has achieved substantial production capacity in iodine contrast agents, with 2,400 tons already built and expected to reach 3,000 tons by the end of 2025 [36][37]. - The company has completed quality certifications for approximately 1,800 tons of its production capacity, ensuring compliance with international standards [37]. - The company’s main products, including Iohexol and Iopamidol, have significant market shares, with sales revenues of 68.28 million USD and 26.16 million USD respectively in 2024 [38][39].